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Article: Tripoli blamed for collapse of UK truck manufacturer. (includes other news briefs)(Tripoli, Libya) (News)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- June 19, 1992
CopyrightCOPYRIGHT 1992 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Tripoli has been blamed for the collapse of UK truck manufacturer AWD-Bedford which went into receivership in early June. According to the company's receivers UK accountants KPMG Peat Marwick, Tripoli's failure to open a letter of credit for 120 million ($218 million) deal involving 2,000 trucks was "the straw that broke the camel's back."
Details of the proposed AWD contract first came to light in March, when UK industry executives reported that letter of credit difficulties were holding up its formal activation (MEED 3:4:92). In the run-up to the UN Security, Council vote on 31 March, calling for the imposition of limited sanctions on Libya, the delay in ...